Waddell & Reed

Fund Detail

Ivy Tax-Managed Equity Fund
Class A Shares

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Fund Facts
Ticker Symbol IYEAX
CUSIP 466001831
Fund Code 699
Fund Type Domestic Equity
Fund Inception 4/19/2000
Class Inception 5/18/2009
Fiscal Year End December
Dividends Paid December
Fund Assets (as of 8/31/2014) $55.1 mil
Total Equity Holdings (as of 8/31/2014) 55
Total Holdings (as of 8/31/2014) 56
Lipper Category Large-Cap Growth Funds
Morningstar Category Large Growth
Benchmarks Russell 1000 Growth TR USD
Daily Prices
as of 9/18/2014
Net Asset Value (NAV) $18.49
NAV Change ($) $0.11
NAV Change (%) 0.60%
Weekly NAV Change ($) $0.15
Weekly NAV Change (%) 0.82%
Public Offering Price (POP) $19.62
Historical Prices & Distributions
Please select a date
Fund Description
Fund Objective
To seek to provide growth of capital while minimizing taxable gains and income to shareholders.

Investment Approach
We invest in growth-oriented companies believed to have above-average earnings predictability and stability and consider the following factors: a company's market position, product line, technological position, profit margins and prospects for sustainability and/or increased earnings; the quality of management; the short and long-term outlook for the industry; and changes in economic and political conditions. The manager attempts to achieve high after-tax returns by balancing investment and tax considerations.
Morningstar Style Box
Source: Morningstar
Returns and Expenses

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges. Class A shares, including sales charges, reflects the maximum applicable front-end sales load.

Monthly Rates of Return Average Annual Total Returns
as of 8/31/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 9.89% 30.46% 18.59% 15.11% N/A 16.33%
Fund with 5.75% sales charge 3.57% 22.99% 16.28% 13.76% N/A 15.03%
Fund After Taxes Pre-Liquidation 9.89% 29.59% 18.30% 14.94% N/A 16.17%
Fund After Taxes Post-Liquidation 5.60% 17.81% 18.30% 12.17% N/A 13.25%
Russell 1000 Growth TR USD 9.48% 26.29% 19.95% 17.82% 9.20% 19.48%
Quarterly Rates of Return Average Annual Total Returns
as of 6/30/2014
  YTD 1yr 3yr 5yr 10yr Life
Fund at NAV 5.63% 30.11% 14.60% 15.50% N/A 16.02%
Fund with 5.75% sales charge -0.45% 22.64% 12.35% 14.13% N/A 14.67%
Fund After Taxes Pre-Liquidation 5.63% 29.24% 14.32% 15.33% N/A 15.85%
Fund After Taxes Post-Liquidation 3.18% 17.65% 14.32% 12.51% N/A 12.97%
Russell 1000 Growth TR USD 6.31% 26.92% 16.26% 19.24% 8.20% 19.50%
Lipper Large-Cap Growth Funds 4.32% 26.61% 14.53% 17.40% 7.51% 17.59%
Expense Ratios
as of 7/31/2014
Net 1.43%
Gross 1.43%
Growth of a $10,000 Investment
through 8/31/2014

Assumes an investment over 10 years or life of the share class, reinvestment of dividends and capital gains, and does not include the effect of sales charges or taxes.

Ratings and Rankings
Lipper Rankings
as of 8/31/2014
Category: Large-Cap Growth Funds
  Rank Percentile
1 Year 43 / 729 6
3 Year 315 / 616 52
5 Year 395 / 548 72

Rankings are based on average annual total returns, but do not consider sales charges.

Morningstar Ratings
as of 8/31/2014
Category: Large Growth
Overall (out of 1500 Large Growth)
3 Year (out of 1500 Large Growth)
5 Year (out of 1329 Large Growth)
10 Year (out of 906 Large Growth)

Ratings are based on risk-adjusted returns.

Holdings
Portfolio Composition
(as a % of net assets as of 8/31/2014)
Domestic Common Stock 89.26%
Foreign Common Stock 7.13%
Cash and Cash Equivalents 3.60%
Sector Allocation
(as a % of equity holdings as of 8/31/2014)
Consumer Discretionary 27.7%
Information Technology 23.6%
Health Care 17.9%
Industrials 15.5%
Consumer Staples 8.1%
Energy 4.7%
Telecommunication Services 2.6%
Top 10 Equity Holdings
(as a % of net assets as of 8/31/2014)
Apple Inc., together with subsidiaries, designs, manufactures, and markets personal computers, mobile communication devices, and portable digital music and video players, as well as sells various related software, services, peripherals, and networking solutions worldwide.Apple, Inc. 4.0%
Gilead Sciences, Inc., a biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutics for the treatment of life-threatening infectious diseases.Gilead Sciences, Inc. 3.7%
Visa Inc. operates retail electronic payments network worldwide. It facilitates commerce through the transfer of value and information among financial institutions, merchants, consumers, businesses, and government entities.Visa, Inc., Class A 3.1%
MasterCard Incorporated (MasterCard) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks.MasterCard, Inc., Class A 3.0%
HCA Holdings, Inc., was one of the first hospital companies in the U.S., and now includes 165 hospitals and 115 freestanding surgery centers in 20 states and England. HCA Holdings, Inc. 3.0%
Las Vegas Sands Corp. (LVSC), a global developer of destination properties (integrated resorts), features accommodations, gaming, entertainment, retail, convention and exhibition facilities, celebrity chef restaurant, etc. The company operates in 3 geographic areas: Macao, Singapore, United States.Las Vegas Sands, Inc. 2.8%
CBS Corporation (CBS Corp.) is a mass media company with operations in Entertainment, Cable Networks, Publishing, Local Broadcasting and Outdoor segments.CBS Corp., Class B 2.6%
SBA Communications Corporation owns and operates wireless communications infrastructure in the United States. SBA Communications Corp. 2.5%
Union Pacific Corporation owns the largest railroad in the U.S. It's diversified business mix includes agricultural products, automotive, chemicals, energy, industrial products and intermodal.Union Pacific Corp. 2.5%
Biogen Idec Inc. discovers, develops, manufactures, and markets therapies for the treatment of neurodegenerative diseases, hemophilia, and autoimmune disorders in the United States and internationally.Biogen Idec, Inc. 2.4%
Total Portfolio Holdings
(updated quarterly, upon availability)

View | Download (as of 6/30/2014)

Risk Factors: As with any mutual fund, the value of the Fund's shares will change, and you could lose money on your investment. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. These and other risks are more fully described in the fund's prospectus. Not all funds or fund classes may be offered at all broker/ dealers.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time.

Stylebox: The Morningstar Equity style box reveals a fund's investment strategy by displaying the fund's investment style and the market capitalization of the stocks owned.

Index Description: Russell 1000 Growth is an unmanaged index comprised of securities that represent the large cap sector of the stock market. It is not possible to invest directly in an index.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Fee Waiver and/or Expense Reimbursement: Through July 31, 2015, to the extent that the total annual ordinary fund operating expenses of the Class Y shares exceeds the total annual ordinary fund operating expenses of the Class A shares, Ivy Funds Distributor, Inc. (IFDI), the Fund’s distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund’s transfer agent, have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class Y shares do not exceed the total annual ordinary fund operating expenses of the Class A shares, as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated by IFDI, WISC or the Board of Trustees.

The Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund were reorganized as the Class I shares of Ivy Tax-Managed Equity Fund on May 18, 2009. The performance shown for periods prior to this date is that of the Class Y shares of Waddell & Reed Advisors Tax-Managed Equity Fund. Performance has not been restated to reflect the estimated annual operating expenses of the Ivy Tax-Managed Equity Fund. If those expenses were reflected, performance shown would differ. Ivy Tax-Managed Equity Fund Class I shares are not subject to sales charges.

Morningstar Ratings: For each fund with at least a 3-year history, Morningstar calculates a risk-adjusted return measure that accounts for variation in a fund's monthly performance (including the effects of all sales charges), placing emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund and rated separately.) A fund's overall rating is derived from a weighted average of the 3-, 5- and 10-year (if applicable) rating metrics. Morningstar Rating is for the share classes specified; other classes may have different performance characteristics.

Information is subject to change and is not intended to represent any past or future investment recommendations.

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